How Swiss banking secrecy enabled an unequal global financial system

Centuries-old code of silence helped Switzerland become a magnet for tax-dodging wealthy clients

• Credit Suisse leak unmasks criminals, fraudsters and corrupt politicians
• What is the Suisse secrets leak and why are we publishing it?

French kings found the ideal refuge for their wealth: a city-state nestled between the snow-capped Alps and the pristine waters of Lake Geneva. Catholic royalty flocked to Geneva in the 18th century in an effort to conceal their dealings with Protestant bankers.

By 1713, the authorities in Geneva, who would gain a reputation for discretion, introduced rules banning bankers from revealing details about their clients.